Ngern Tid Lor (NTL) is celebrating receiving an honorable award – ‘Asia’s Financial Service for the Unbankable Population (Financial Inclusion)’ – from the Financial Insights Innovation Awards (FIIA) 2015. The event was held for the 11th consecutive year by the Financial and Banking Consultation Institution (IDC Financial Insights) in Singapore. The prestigious award received project submissions from over 80 financial institutions across Asia, of which NTL was the only financial institution from Thailand to win an award.
Mr Piyasak Ukritnukun, Managing Director of CFG Service Co., Ltd. or Ngern Tid Lor, and affiliate of Bank of Ayudhya (Thailand’s leading bangkok institution in the fields of credit services, car title loans and credit services for self-employed and people with low income), said that “The award from FIIA for ‘Asia’s Financial Service for the Unbankable Population (Financial Inclusion)’ underscores NTL’s mission to bring financial opportunities to Thai self-employed and low-income workers, often considered under-banked. We believe they should also have access to financial products which are reliable, fair, not overpriced and lead to more life opportunities, be that fulfilling one’s career dream or upgrading to a better quality of life. We achieved all of this because of loyal customers who gave their trust to us and chose to use our credit services in their time of need. If not for them, there would be no NTL today.”
Mr Bernard Tso, Senior President in Marketing & Business Development, CFG Service Co., Ltd., added, “We submitted our project ‘Integrated Financial Solutions for the Unbankable Thais’ to IDC Financial Insights in Singapore. We also shared the projects that NTL is currently participating in, including a nano-finance for wet market vendors and personal accident insurance fund with low premiums (THB 399 / year). This type of insurance can be sold immediately by NTL’s distributors using tablet computers. Another project is providing financial knowledge to street vendors. We would like for this group of people to have the financial know-how for long-term success, if they are better educated they can better manage risks, avoid loan sharks and enjoy a better quality of life.”
In the previous year, NTL provided financial support to over 170,000 unbankable customers and over 4,600 projects in the wet market sector.
Every year, IDC Financial Insights invites financial institutions and banks from across Asia-Pacific (excluding Japan) to submit their innovation projects for prizes in 12 categories. These projects are examined by an expert independent committee comprised of financial analysts and top-tier bankers from around the world. The winners are chosen by looking at their industry standards, market demand and project success, particularly its effect in the market and long-term durability.